Where is Your Firm at Risk?
In last week’s blog, we talked about where to look for risk in subrogation. Today we will dive deeper into this subject and give you helpful tips on how to get started.
Most firms have limited time to fully train staff on the nuances of Medicare, ERISA, and other complex subrogation issues leaving you open to unnecessary risk. It is exceedingly important to scrutinize and chart efficient workflows.
So how do you recognize subrogation risk? How do you deal with it? More importantly, how do you limit the risk in the future?
Start by first listing the critical events in a scenario where risk is great (i.e. post-settlement). Remember these moments are not easy to find. There are other examples of risk that, if overlooked, could lead to a poorer result:
- Initial sign-up packet – Do you have compliant documentation included? Ask the plaintiff the right questions about insurance. Have an organized HIPAA packet and always photograph insurance cards
- File set-up – Early entitlement verifications give you a leg-up on notice helping you to obtain liens earlier and close the case faster
Once you have identified and isolated these issues, study how to best minimize or eliminate each risk point. Build step-by-step workflows and your team follows these efficiencies.
Where else can you identify risk? Early in the case, upon receipt of Medicare liens, at/or near your demand, before a settlement conference, nearing trial, and more. Take the time to study your process and see how you can improve it for the future.
As you review, ask questions and become committed to improvement by doing the tough work. Don’t set boundaries. Risk is not only about financial loss, but also about the pieces that go into helping the firm maximize overall efficiency.
Acknowledging risk and facing it head on, will lead to a solid and repeatable process, with less risk.
MASSIVE is here to help! Let our experts look over your liens and help you secure a better result for you and your client. Login to our Live Data Portal and upload your cases today or contact us at (833) 466-2774 or [email protected].